v3.26.1
BUSINESS SEGMENT DATA (Tables)
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of operations in different segments

Information about the Company’s operations in different segments for the three months ended March 31, 2026 is as follows (in thousands):

  ​ ​ ​

Income Properties

  ​ ​ ​

Management Services

  ​ ​ ​

Commercial Loans and Investments

Total

Revenues:

Income Properties

$

36,580

$

$

$

36,580

Management Fee Income

1,349

1,349

Interest Income From Commercial Loans and Investments

3,244

3,244

Total Revenues for Reportable Segments

$

36,580

$

1,349

$

3,244

$

41,173

Operating Expenses:

Income Properties

$

(10,168)

$

$

$

(10,168)

Total Revenues Less Direct Costs of Revenues

$

26,412

$

1,349

$

3,244

$

31,005

Provision for Impairment and Adjustment to CECL Reserve

321

321

Depreciation and Amortization - Real Estate

(15,938)

(15,938)

Total Revenues Less Operating Expenses for Reportable Segments

$

10,474

$

1,349

$

3,565

$

15,388

Gain on Disposition of Assets

Net Income From Operations for Reportable Segments

$

10,474

$

1,349

$

3,565

$

15,388

Reconciliation to Consolidated Net Income

General and Administrative Expenses

(5,077)

Investment and Other Income

3,243

Interest Expense

(7,271)

Depreciation and Amortization - Other

(18)

Net Income Before Income Tax Expense

$

6,265

Income Tax Expense

(60)

Net Income Attributable to the Company

$

6,205

Information about the Company’s operations in different segments for the three months ended March 31, 2025 is as follows (in thousands):

  ​ ​ ​

Income Properties

  ​ ​ ​

Management Services

  ​ ​ ​

Commercial Loans and Investments

Total

Revenues:

Income Properties

$

31,672

$

$

$

31,672

Management Fee Income

1,178

1,178

Interest Income From Commercial Loans and Investments

2,961

2,961

Total Revenues for Reportable Segments

$

31,672

$

1,178

$

2,961

$

35,811

Operating Expenses:

Income Properties

$

(8,891)

$

$

$

(8,891)

Total Revenues Less Direct Costs of Revenues

$

22,781

$

1,178

$

2,961

$

26,920

Provision for Impairment

Depreciation and Amortization - Real Estate

(14,346)

(14,346)

Total Revenues Less Operating Expenses for Reportable Segments

$

8,435

$

1,178

$

2,961

$

12,574

Gain on Disposition of Assets

Net Income From Operations for Reportable Segments

$

8,435

$

1,178

$

2,961

$

12,574

Reconciliation to Consolidated Net Income

General and Administrative Expenses

(4,683)

Investment and Other Income

575

Interest Expense

(6,136)

Depreciation and Amortization - Other

(18)

Net Income Before Income Tax Expense

$

2,312

Income Tax Expense

(51)

Net Income Attributable to the Company

$

2,261

Capital expenditures of each segment for the three months ended March 31, 2026 and 2025 are as follows (in thousands):

For the Three Months Ended

March 31, 2026

March 31, 2025

Capital Expenditures:

Income Properties

$

85,368

$

80,864

Commercial Loans and Investments

5,292

1,431

Corporate and Other

12

Total Capital Expenditures

$

90,660

$

82,307

Identifiable assets of each segment as of March 31, 2026 and December 31, 2025 are as follows (in thousands):

As of

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Identifiable Assets:

Income Properties

$

1,179,627

$

1,102,631

Management Services

1,773

2,465

Commercial Loans and Investments

91,248

118,129

Corporate and Other

27,019

40,677

Total Assets

$

1,299,667

$

1,263,902